Gold "loses ground" after record values / Investors await Federal Reserve's decision on interest rates
The value of gold has fallen due to a slight increase in the dollar, after reaching a new record the day before, due to expectations of interest rate cuts by the Federal Reserve.
Spot gold fell 0.5% to $3,671.61 an ounce, after hitting a new record of $3,702.95 a day earlier. Meanwhile, U.S. gold futures for December delivery fell 0.4% to $3,709.
"Gold's rise to $3,700 was helped by the decline in the US dollar and expectations that the Fed may signal further rate cuts before the end of the year," analysts explain.
The U.S. dollar index rose 0.1% after falling to its lowest level in more than two months. Data showed U.S. retail sales rose more than expected in August, but a weakening labor market and rising prices due to tariffs pose risks to continued strong consumption.
The US central bank is expected to cut interest rates by 0.25 percentage points to support the labor market. Lower interest rates reduce the cost of holding non-income-generating assets, such as gold.
US President Donald Trump has asked Fed Chairman Jerome Powell to undertake a "larger" cut in interest rates.
Meanwhile, spot silver fell 1.7% to $41.86 an ounce, while platinum was steady at $1,391.15.
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